Virginia State Real Estate Salesperson Practice Exam

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• Is it legal for a church-owned apartment complex to refuse rentals to non-Baptists?
• Where can buyers request a copy of the Residential Property Disclosure form within the Residential Contract of Purchase?
• What should a property disclosure statement typically include?
• If a charge of discrimination is issued against a real estate licensee in Virginia, what should they expect next?
• What is the purpose of a comparative market analysis (CMA)?
• What is the first step Ted must take to convert his apartment complex building into a timeshare?
• How often should a principal broker arrange an audit for their brokerage?
• What is the Fair Housing Act?
• Which form of communication is essential for property managers to avoid misunderstandings?
• What is the role of a licensed real estate broker in Virginia?
• What is "residential property"?
• What does the term "contingency" refer to in a real estate contract?
• What should potential buyers inquire about when considering a property affected by the Chesapeake Bay Preservation Act?
• What is the primary document for mortgaging a property?
• Which entity regulates real estate brokers in Virginia?
• What is meant by "equity" in real estate?
• What must a salesperson do when changing brokerages in Virginia?
• What is the maximum time a developer has to refund a buyer's money after the buyer exercises the right to rescission?
• Which activity requires a brokerage relationship before it can be legally performed?
• Which type of property is NOT exempt from the Virginia Residential Landlord and Tenant Act?
• In real estate transactions, what does the term "escrow" refer to?
• How is a net listing defined?
• Which of the following is a common duty of a real estate agent?
• Which phrase most accurately describes the role of escrow accounts in real estate?
• Is Merv guilty of misrepresentation for his advertisement regarding the bonus room?
• Which statement about the Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act is true?
• Which section of the Residential Contract of Purchase explains to buyers where they can obtain information about sex offenders living in the area?
• What is the required number of hours of post-licensing education for salespersons in their first year as a licensee?
• What is the primary purpose of the Real Estate Transaction Recovery Fund?
• Which of these is NOT a step in the fair housing complaint process in Virginia?
• What distinguishes dual agency from dual representation in real estate?
• What document must be provided to a buyer before purchasing a property in Virginia?
• What is a "buyer's agent"?
• Which regulation outlines the licensing regulations for the Virginia Real Estate Board?
• What is an example of a condominium?
• What is a material fact in real estate?
• What must a business do if it operates under a specific name in Virginia?
• What is the duration of a Virginia real estate salesperson license?
• In real estate terms, what is "equity"?
• Which of the following roles can a licensee take under dual representation?
• What is the legal time frame for landlords to return the security deposit in Virginia?
• If a buyer discovers a better property after signing a condo purchase agreement, what is her right under Virginia law?
• What is another name for a seller representation agreement?
• What must be true for Nathaniel to act as he did without a real estate license?
• What entity conducts investigations when a complaint is filed against a real estate licensee?
• What does "down payment" refer to in a property purchase?
• Which statement best describes the role of a limited service agent?
• What constitutes a "real estate broker" in Virginia?
• What is the primary purpose of the Virginia Real Estate Board?
• What are the two types of timeshare ownership?
• What must be included in a written real estate contract in Virginia?
• What is the maximum allowable fine for a violation of the Virginia Real Estate Code?
• Which information does Linda NOT need to include on her business cards?
• What regulation establishes the Real Estate Board in Virginia?
• Under what condition can Sam rent to only white couples without violating fair housing laws?
• What type of agency relationship is created when a real estate agent represents a buyer?
• What must a seller disclose if a property has significant issues that arise after a contract is ratified?
• What is required in Virginia when representing a seller in a real estate transaction?
• What must Cornelia disclose to potential buyers about her house located in a military accident potential zone?
• What is the main purpose of a home warranty?
• Which entity is responsible for approving real estate schools and education programs in Virginia?
• In the situation involving Leslie and the Connellys, what is true after signing an agency disclosure form?
• What is the meaning of "professional conduct" for real estate agents?
• What is "zoning" in real estate?
• Who must agree before a principal broker can disburse money from property management accounts?
• What is the primary purpose of a "real estate appraisal"?
• To whom must a broker submit written affidavits for concurrent licensure?
• Which of the following must a real estate salesperson disclose to clients?
• What does "eminent domain" refer to?
• Who is responsible for establishing regulations for real estate transactions in Virginia?
• Which document must a seller complete before a buyer can finalize a purchase?
• What could happen if a landlord includes prohibited clauses in their rental agreements?
• What is meant by the term "affidavit of title"?
• What is required for a real estate salesperson to be eligible for licensure in Virginia?
• What is the primary responsibility of the Virginia Real Estate Board?
• What is the primary concern for sellers when providing a Disclosure Statement?
• What is earnest money?
• What do closing costs encompass?
• What is the primary role of the Common Interest Community (CIC) Board?
• What is a listing agreement?
• What does "deed" refer to in real estate?
• What is the maximum time a certificate proving well water safety and sewage system functioning can be dated before settlement?
• What is true regarding Chris's need to disclose information about his septic system?
• What is a "real estate commission"?
• Which of the following defines "earnest money"?
• What type of inspection is required before closing a real estate transaction in Virginia?
• Which of the following is an exception to the Fair Housing Act?
• What is required to establish a dual agency in Virginia?
• Which entity conducts an investigation when a complaint is filed against a licensee?
• What should an agent inform a seller if a house was previously used to manufacture methamphetamines?
• What must Tim and Tammie provide to the buyers of their home?
• What must a broker do to achieve concurrent licensure in Virginia?
• What must the majority of owners do to change a condominium status to an income-producing property?
• In a real estate transaction, what could unintentional misrepresentation result in for an agent?
• Which regulation outlines how the VREB carries out its responsibilities?
• Can Doug manage properties for other owners while being a property manager for Julie?
• How is the term "property lien" best defined?
• Which document is NOT typically required for a real estate transaction in Virginia?
• Which of the following is true about Erin's disclosure responsibilities when selling a home she built?
• What kind of community often comes with a homeowners' association?
• What is a "listing agreement"?
• What is the maximum recovery amount from the Real Estate Transaction Recovery Fund for a consumer?
• How long must a real estate transaction's records be kept in Virginia?
• What violation occurs if a salesperson cashes a commission check and gives part of it to an affiliate broker?
• How many public meetings does the Virginia Real Estate Board hold each year?
• What are the implications of Sallee destroying brokerage disclosure records that are two and a half years old?
• In a real estate transaction, what does "escrow" mean?
• What does "due diligence" refer to in real estate?
• What does "escrow" refer to in a real estate transaction?
• Which of the following practices is considered illegal in real estate transactions?
• What should a new licensee expect regarding the legality of a client holding closing money with a settlement agent?
• Who is eligible to hold a Virginia broker's license?
• What type of question or statement from an unrepresented party requires an agent to provide disclosure?
• What action is advisable for brokers when dealing with escrow accounts?
• Which of the following is NOT a function of the Virginia Real Estate Board?
• What is a necessary requirement for converting a condominium to an apartment complex?
• What's an advantage of submitting a successful audit report every licensing period?
• What is a "verification of employment" used for in real estate financing?
• What did Marcus do wrong when he informed a buyer about flood issues?
• Which statement is true regarding HOA/POA disclosure laws?
• What is "market value" in real estate?
• What occurs after an investigation by the DPOR in the complaint process?
• How do misrepresentations differ from omissions in a real estate context?
• What is a "real estate sales contract"?
• What are property taxes based on?
• What is a "listing price" in real estate?
• Identify the landlord who is trying to include a prohibited clause in the rental agreement.
• Who is typically responsible for paying the recordation tax in Virginia?
• In Virginia, which type of licensee must take 24 hours of continuing education every renewal cycle?
• What is the role of a "real estate appraiser"?
• When should an agency disclosure form be presented to potential buyers during an open house?
• What is a requirement for a real estate license renewal in Virginia?
• What is the duration a broker must hold escrow funds after receiving them?
• What is the "law of agency"?
• What is another term for 'condominium'?
• What is a key responsibility of agents regarding seller disclosures in Virginia?
• What does the term "title" refer to in real estate?
• Which of the following actions requires a real estate license to be legal?
• What is defined as a common interest community in Virginia?
• By when must Heather write up a termination notice after receiving the disclosure statement?
• What constitutes a misrepresentation in real estate advertising?
• Which of the following is NOT a function of the Virginia Real Estate Board?
• What is the purpose of title insurance?
• What is a "foreclosure auction"?
• How can Roger’s statement about the condition of the pool be classified if it turns out the information was misleading?
• Under the Virginia Residential Landlord and Tenant Act, for which issue can a tenant seek restitution?
• Which of the following should licensees avoid when interacting with limited service agents?
• If a home is sold due to foreclosure, is the seller required to provide a property disclosure statement?
• What must a property manager always prioritize when managing a property?
• What does the term "zoning" refer to?
• What type of property ownership includes sharing amenities while owning individual units?
• What does the acronym MLS stand for in real estate?
• Define "title search" in real estate transactions.
• What is the main duty of a real estate agent under the concept of fiduciary duty?
• What is the role of a limited service agent?
• What does the term "disclosure" refer to in real estate transactions?
• What does the Code of Virginia Title 54.1 Chapter 21 cover?
• Who is responsible for opening the escrow account in a real estate transaction?
• Which section of the Residential Contract of Purchase is required by Virginia law?
• What advice should Jeff give Philip regarding the disclosure of homicides that occurred in the house?
• When must Darnell provide a written termination notice if he wishes to back out of a contract after receiving a disclosure statement?
• What is an easement?
• Where can licensees find rules about their responsibilities and regulations?
• What is the role of the Virginia Department of Professional and Occupational Regulation (DPOR)?
• Define "leasehold estate."
• Under what condition can Marney, a Virginia licensee, write a contract for her client?
• When acting as a property manager, what duty does the licensee owe tenants or customers?
• If a property is affected by the Chesapeake Bay Preservation Act, what should buyers primarily focus on?
• In terms of tenant rights, which of the following must landlords comply with?
• What is the maximum fine for a serious violation of real estate license law in Virginia?
• What does the term "dual agency" mean?
• Under which body does the Common Interest Community Board operate?
• In what capacity is Annabelle acting if she is performing only a few duties for Joseph without representing him as an agent?
• What is the primary difference between a general warranty deed and a quitclaim deed?
• What does "closing costs" typically include?
• Upon hearing that Salesperson Nicola is transferring to another brokerage, what must Principal Broker Carter do?
• Which two documents must a buyer receive when purchasing a home built before 1978?
• What is the maximum award amount from the Real Estate Transaction Recovery Fund for judgments against a licensee?
• What happens if a real estate licensee provides false information in marketing materials?
• What actions should a real estate licensee take if they notice a buyer is interested in a property that needs repairs?
• What are the requirements to obtain a Virginia real estate salesperson license?
• What is a property manager's role when dealing with tenant complaints?
• When is it necessary for a real estate professional to use written contracts?
• What does "contingency" mean in a real estate contract?
• Which scenario exemplifies improper escrow account maintenance?
• What has Travis done correctly while renewing his real estate license?
• What is one of the basic duties of a tenant according to the Virginia Residential Landlord and Tenant Act?
• If Gus's license requires 16 hours of continuing education, what else must be true?
• Which of the following is required of limited service agents?
• What is meant by the term "market value"?
• A developer is prohibited from advertising or selling timeshare property until which document is approved?
• Which of the following types of listing agreements is not permitted in Virginia?
• What violations did Jill commit when she used earnest money from the escrow account?
• What is the role of a property manager?
• In Virginia, what constitutes the floodplain?
• What type of transaction requires disclosure under the Virginia Residential Property Disclosure Act?
• As a limited service agent, what must Keira disclose when asked about the property?
• What does "listing agreement" refer to?
• In Virginia, which agency must be notified of the existence of a regulated underground storage tank (UST)?
• Before advertising or selling timeshare property, what must a developer obtain approval for?
• If Wayne sells his flood hazard home to Ayisha, does he have disclosure obligations?
• What are "capital gains" in real estate?
• What is the legality surrounding Gus's decision not to rent to smokers?
• Which of the following documents is essential for the sale of a properties built before 1978 under the Residential Lead-Based Paint Hazard Reduction Act?
• What distinguishes a fixed-rate mortgage from an adjustable-rate mortgage?
• What are special assessments?
• What is required for a developer to legally advertise a timeshare?
• Who must ensure that the earnest money is handled correctly in real estate transactions?
• What is the purpose of a home inspection?
• What role does the principal broker play in the license transfer process?
• How long do members of the Real Estate Board serve their terms?
• How long does Joanna have to deliver a termination notice after receiving a disclosure statement?
• Which of the following is NOT a responsibility of a real estate agent?
• How long do individuals have to file claims for antitrust violations in Virginia?
• How often must a real estate agent in Virginia renew their license?
• Which statement is true regarding net listings?
• When must a landlord in Virginia provide a copy of the rental agreement to the tenant?
• Besides being signed, what must a document fulfill to be valid for recording in Virginia?
• What can happen to a licensee who fails to comply with the regulations set by the Virginia Real Estate Board?
• What is a trustee's sale?
• According to Virginia statutes, what must a real estate agent disclose to any sellers they encounter?
• If a fair housing complaint is filed against a real estate licensee in Virginia, which group is responsible for addressing it?
• What does "staging" involve in real estate?
• What is an "open house"?
• How long after a real estate license expires can it be renewed without penalty?
• Which term describes the type of ownership where the borrower retains title to the property?
• What application must be submitted for developing in water bottoms?
• What document is typically used to transfer ownership of real property?
• What should a property manager do if approached by a new property owner?
• Which action is required when a real estate agent receives a deposit from a buyer?
• Define "closing" in a real estate transaction.
• Under Virginia law, what is an agent's responsibility once they sign an agency disclosure?
• In addition to education, what is required for a CIC manager to be licensed?
• If Harold, the sole owner of a timeshare development, decides to terminate it, can he legally do so?
• What action did licensee Dale take regarding the purchase offer that he presented?
• What does foreclosure imply?
• Which of the following best describes Virginia in terms of real estate law?
• What should Kim advise Shanda regarding disclosures before selling her house?